Schedule of fair value of assets measured on recurring basis |
The table below presents the recorded amount of assets measured at fair value on a recurring basis: | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | Fair Value | | Level 1 | | Level 2 | | Level 3 | June 30, 2023 | | | | | | | | Loans HFS | $ | 4,586 | | | $ | — | | | $ | 4,586 | | | $ | — | | Securities AFS: | | | | | | | | Mortgage-backed securities | $ | 225,748 | | | $ | — | | | $ | 225,748 | | | $ | — | | Municipal bonds | $ | 182,731 | | | $ | — | | | $ | 182,731 | | | $ | — | | U.S. Treasury securities | $ | 159,804 | | | $ | — | | | $ | 159,804 | | | $ | — | | U.S. agency securities | $ | 20,195 | | | $ | — | | | $ | 20,195 | | | $ | — | | Equity securities | $ | 3,946 | | | $ | 3,946 | | | $ | — | | | $ | — | | | | | | | | | | December 31, 2022 | | | | | | | | Loans HFS | $ | 518 | | | $ | — | | | $ | 518 | | | $ | — | | Securities AFS: | | | | | | | | Mortgage-backed securities | $ | 240,981 | | | $ | — | | | $ | 240,981 | | | $ | — | | Municipal bonds | $ | 184,092 | | | $ | — | | | $ | 184,092 | | | $ | — | | U.S. Treasury securities | $ | 170,478 | | | $ | — | | | $ | 170,478 | | | $ | — | | U.S. agency securities | $ | 18,856 | | | $ | — | | | $ | 18,856 | | | $ | — | | Equity securities | $ | 9,979 | | | $ | 9,979 | | | $ | — | | | $ | — | |
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Schedule of carrying amounts and estimated fair values of financial instruments |
The carrying amounts and estimated fair values of financial instruments as of June 30, 2023 and December 31, 2022, were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | Carrying Amount | | Fair Value | | Level 1 | | Level 2 | | Level 3 | June 30, 2023 | | | | | | | | | | Financial assets: | | | | | | | | | | Cash and due from banks | $ | 36,662 | | | $ | 36,662 | | | $ | 36,662 | | | $ | — | | | $ | — | | Interest-bearing deposits in other banks | $ | 185,409 | | | $ | 185,409 | | | $ | 185,409 | | | $ | — | | | $ | — | | Securities AFS | $ | 588,478 | | | $ | 588,478 | | | $ | — | | | $ | 588,478 | | | $ | — | | Securities HTM | $ | 146,569 | | | $ | 124,481 | | | $ | — | | | $ | 124,481 | | | $ | — | | Equity securities | $ | 3,946 | | | $ | 3,946 | | | $ | 3,946 | | | $ | — | | | $ | — | | Nonmarketable equity securities | $ | 4,330 | | | $ | 4,330 | | | $ | — | | | $ | 4,330 | | | $ | — | | Loans HFS | $ | 4,586 | | | $ | 4,586 | | | $ | — | | | $ | 4,586 | | | $ | — | | Loans HFI, net of allowance | $ | 1,926,546 | | | $ | 1,790,906 | | | $ | — | | | $ | — | | | $ | 1,790,906 | | Accrued interest receivable | $ | 8,239 | | | $ | 8,239 | | | $ | — | | | $ | — | | | $ | 8,239 | | Financial liabilities: | | | | | | | | | | Deposits | $ | 2,664,183 | | | $ | 2,654,145 | | | $ | — | | | $ | 2,654,145 | | | $ | — | | Other borrowed funds | $ | 60,000 | | | $ | 60,000 | | | $ | — | | | $ | 60,000 | | | $ | — | | Accrued interest payable | $ | 4,098 | | | $ | 4,098 | | | $ | — | | | $ | 4,098 | | | $ | — | | | | | | | | | | | | December 31, 2022 | | | | | | | | | | Financial assets: | | | | | | | | | | Cash and due from banks | $ | 37,824 | | | $ | 37,824 | | | $ | 37,824 | | | $ | — | | | $ | — | | Interest-bearing deposits in other banks | $ | 240,568 | | | $ | 240,568 | | | $ | 240,568 | | | $ | — | | | $ | — | | Securities AFS | $ | 614,407 | | | $ | 614,407 | | | $ | — | | | $ | 614,407 | | | $ | — | | Securities HTM | $ | 151,683 | | | $ | 132,407 | | | $ | — | | | $ | 132,407 | | | $ | — | | Equity securities | $ | 9,979 | | | $ | 9,979 | | | $ | 9,979 | | | $ | — | | | $ | — | | Nonmarketable equity securities | $ | 3,478 | | | $ | 3,478 | | | $ | — | | | $ | 3,478 | | | $ | — | | Loans HFS | $ | 518 | | | $ | 518 | | | $ | — | | | $ | 518 | | | $ | — | | Loans HFI, net of allowance | $ | 1,895,639 | | | $ | 1,807,772 | | | $ | — | | | $ | — | | | $ | 1,807,772 | | Accrued interest receivable | $ | 8,830 | | | $ | 8,830 | | | $ | — | | | $ | — | | | $ | 8,830 | | Financial liabilities: | | | | | | | | | | Deposits | $ | 2,798,936 | | | $ | 2,787,198 | | | $ | — | | | $ | 2,787,198 | | | $ | — | | | | | | | | | | | | | | | | | | | | | | Accrued interest payable | $ | 1,563 | | | $ | 1,563 | | | $ | — | | | $ | 1,563 | | | $ | — | |
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